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SAN FRANCISCO , Oct. 5, 2022 /PRNewswire/ -- The global pet care market size is expected to reach USD 236.16 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 5.1% from 2022 to 2030. The year 2020 was not very promising for many industries, but it has been a boon to the pet care industry due to repeated lockdowns and the work-from-home culture leading people to take better care of their pets. This has stipulated the demand for pet services and products to a significant rise in the industry.
Key Industry Insights & Findings from the report:
Read full market research report, "Pet Care Market Size, Share & Trends Analysis Report By Pet Type (Dog, Cat, Fish, Bird), By Type (Product, Food), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Pet Care Market Growth & Trends
Moreover, the growing awareness about pet humanization, increasing purchasing power of consumers, and a rise in the demand for premium pet care products are the factors driving the growth of the industry. Due to urbanization, people have been living in smaller residential spaces, this has however increased the adoption of smaller pets such as dogs, fish, hamsters, and cats. Consumers are looking to plug the familial gap with pet companions.
In addition, premium pet care products are natural and of higher quality, and safer than regular pet care products. With the increase in demand for premium pet grooming products globally, several companies are trying to occupy majority shares in this segment. For instance, in 2020, BASF Care Creations in North America launched 3 formulations for the dog grooming segment: Creamy Co-Wash for Dogs, Fresh Obsessed Dry Shampoo Mist, and Micellar Dog Shampoo.
According to Pet Biz Marketer, pet food makes up about 3/4s of all pet industry sales. There has been a noticeable increase in the trend of pet food brands gaining market share via niche pet foods. One of the fastest-growing niche food categories is freeze-dried dog food, it is a dog food that's freeze-dried to extend shelf life. Petfoodindustry.com reports that sales for non-traditional pet food formats are growing faster than traditional pet food.
Grand View Research has segmented the global pet care market based on pet type, type, and region
Pet Care Market - Pet Type Outlook (Revenue, USD Million, 2017 - 2030)
Pet Care Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
Pet Care Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players in the Pet Care Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Homecare & Decor Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc
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